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Bay Area Capital Markets: Acquisitions and Dispositions

Who's Buying And Who's Selling: What And Where And Why

Tommy Christman

Tommy Christman

Director

Swift RE

Reneé McDonnell

Reneé McDonnell

Senior Vice President

IHP Capital Partners

Alex Kolovyansky

Alex Kolovyansky

Director of Investment Sales

Vanguard Properties

Eric Kathrein
Moderator

Eric Kathrein

Senior Director

HFF

Tommy Christman

Director

Swift RE

Tommy Christman is the Director of Asset Management for Northern California at Swift and leads Swift’s San Francisco investment activities. Tommy brings over twelve years of investment experience to Swift. Prior to joining Swift in 2013, he worked as an analyst in the mergers and acquisitions group at Rothschild, Inc. He also worked as an investment analyst at BBT Capital Management, a multi-strategy hedge fund. Tommy holds a B.S. in Commerce, with a Finance concentration, from the University of Virginia, McIntire School of Commerce and holds an M.B.A. from McCombs School of Business at the University of Texas at Austin.

Reneé McDonnell

Senior Vice President

IHP Capital Partners

Reneé McDonnell is a Senior Vice President of IHP Capital Partners and is responsible for its Northern California investment portfolio including Oregon, Washington and Hawaii.

IHP is one of the nation’s largest investment firms providing equity financing for residential development. The firm invests institutional capital in for-sale residential real estate projects throughout the United States. Ms. McDonnell has been with IHP since its inception in 1992, and her responsibilities include the origination of new investments and the management of existing assets.

More about IHP Capital Partners

IHP’s influence reaches all levels of the housing development industry and on both large and small scale. This institutional investment arena is a mystery to some but Reneé is well versed and a veteran of several economic cycles which have influenced the formation of IHP as well as many of the industry financing structures.

IHP Capital Partners is one of the nation’s largest investment firms providing equity financing for residential development. The firm invests institutional capital in for-sale residential real estate projects throughout the United States. IHP and its investment partners have created neighborhoods and communities valued at more than $20 billion. IHP was formed in 1992 when CalPERS created the funding needed to keep the housing market going when funds dried up in the recession of the early 1990’s. Since then IHP has been a creative force in forming partnerships, co-investing, and being the active partner and capital source behind many developments in California as well as other states.

Alex Kolovyansky

Director of Investment Sales

Vanguard Properties

Alexander Kolovyansky is the Director of Investment sales at Vanguard Properties and one of San Francisco’s top brokers. Alexander has been investing and brokering real estate for over 19 years and has been recognized as one of “The Leading 100” by Real Trends. Originally from Brooklyn, New York, Alexander, earned his degree in Economics from Princeton University where he was a two time Track & Field All-American. He worked at a fast paced hedge fund and as a marketing manager/negotiator at Intel Corporation working with senior executives brings a unique insight to the real estate industry. He has a California Real Estate Broker’s License, is a member of The Urban Land Institute, the San Francisco Planning & Urban Research Association (SPUR), Belden Club, the San Francisco Association of Realtors, and an MBA from the University of Arizona.

Eric Kathrein

Moderator

HFF

Mr. Kathrein is a Director in the San Francisco office of HFF with more than seven years of real estate investment experience. He is responsible for institutional-grade properties concentrating on retail and mixed-use assets located throughout the western United States. Mr. Kathrein joined the firm in December 2016. Prior to HFF, he was a Vice President of Capital Markets and a partner on the Cushman & Wakefield Retail Investment Advisors Northern California team, closing more than $1 billion of asset dispositions during his tenure. Mr. Kathrein is an active member of NAIOP’s Young Professionals Group and is on the ICSC Next Gen Planning Committee. Additionally, he is co-founder of the Cal Young Alumni Blue & Gold Bash, which created formal programming for young alumni engagement, and for which he received the UC Berkeley Alumni Association Bradford S. King Award for Excellence in Service in 2015. He previously served on Jill’s Legacy, an advisory board to the Lung Cancer Foundation.

The Evolving Capital Stack

Bay Area Debt & Equity Markets

Ned DeLorme

Ned DeLorme

Director

Nebo Hotel Finance

Brad Ross

Brad Ross

VP, Originations & Acquisitions

Madison Realty Capital

David Butler

David Butler

Managing Partner

Argosy Real Estate Partners

Xinyi McKinny

Xinyi McKinny

Senior Managing Director

Cushman & Wakefield

Bryan Thornton

Bryan Thornton

Partner

PCCP

Ned DeLorme

Director

Nebo Hotel Finance

Ned Delorme is the founding principle of Nebo Hotel Finance. Mr. DeLorme has been arranging real estate financing as an intermediary for developers and investors since 1980. Prior to joining Nebo Capital, Ned was a principal at Presidio Hotel Group from 2000-2014. At Presidio, he oversaw the ground-up construction and/or deep renovation of 15 hotels throughout the United States while simultaneously providing debt and equity for new development and acquisitions.

He began his career working for the Bank of Boston in New York and London. In 1984, Ned co-founded Belgravia Capital Corporation, which ultimately embarked on a venture with Heller Financial, creating the first nationwide conduit lender for mobile home parks and self-storage facilities. In 1995 he formed Bridge Capital, a provider of debt and equity funding for opportunistic real estate transactions. Ned has been in the hotel ownership and development business for 17 years and has been involved in the ground up construction, re-branding, and renovation of hotels throughout the US. Ned has also owned other types of commercial real estate including office buildings and multifamily properties. He is currently developing a 5-acre neighborhood shopping center in central California.

Mr. Delorme holds a Bachelor’s degree in Economics and International Relations from Colgate University in Hamilton, NY. He is a licensed pilot with instrument, multi-engine and seaplane ratings boasting over 3,000 hours of flight time. He and his wife, Usha, have four adult children and reside in Yolo County, California. CA license #811505

Brad Ross

VP, Originations & Acquisitions

Madison Realty Capital

Brad Ross joined Madison Realty Capital in 2018 and is a Vice President of Debt Originations & Acquisitions for the firm's first West Coast based location. He is responsible for the sourcing of new debt and equity opportunities, loan originations, purchasing of non-performing debt, and the acquisition of development properties. Mr. Ross has over a decade of experience sourcing and underwriting real estate investment and lending opportunities nationwide, including senior, mezzanine, and structured bridge debt financing. Prior to joining MRC, he served as a senior originator at Calmwater Capital, a real estate debt fund. He also spent three years at their parent company Karlin Real Estate, an opportunistic investment firm operating on behalf of a high net worth family office. Mr. Ross sits on the Board of the UCLA Real Estate Alumni Group and the Los Angeles Mortgage Association and was elected as one of Southern California's "Tomorrow's Leaders" by Real Estate Forum Magazine. Mr. Ross is a graduate of the University of Michigan (B.A.) and the UCLA Anderson School of Management (M.B.A.), and is a licensed California real estate broker.

David Butler

Managing Partner

Argosy Real Estate Partners

David, as Managing Partner of Argosy Real Estate Partners, is responsible for the management and oversight of the firm including investment strategy, fundraising, asset management, and operations. He is a member of the firm’s Investment Committee and Management Committee.

Argosy Real Estate Partners (AREP) is an opportunistic real estate private equity fund manager. AREP has ownership interests in approximately $1 billion of real estate assets. AREP currently manages four fully discretionary, closed-end real estate opportunity funds.

Xinyi McKinny

Senior Managing Director

Cushman & Wakefield

Xinyi (pronounced “Shin-Gee”) McKinny has joined the San Francisco offices of Cushman & Wakefield as Senior Managing Director – China Direct Investment. Xinyi will be responsible for supporting and driving new business opportunities with Chinese investor and occupier clients in the Bay Area and Los Angeles.

Chinese Investment

As a global company, we are witnessing an increasing number of Chinese companies seeking to invest in and develop real estate projects in California. We only expect this trend will continue in the years ahead, as Chinese firms seek to diversify their interests outside of China.

The addition of Xinyi, who is fluent in both Mandarin and English, will enable Cushman & Wakefield to meet the needs of this expanding segment of the investor and occupier communities. While Xinyi will officially be based in San Francisco, the newly created role also involves spending two to three days per week in our San Jose and Peninsula offices, as well as regular visits to Los Angeles to support new business pursuits in Southern California.

Career Background

As a licensed architect, Xinyi most recently worked as a Project Architect for DES Architects & Engineers in Redwood City, CA. Her work experience also includes nearly a decade of working for two other architectural firms, Perkins & Will in San Francisco and Bennett Wagner & Grody Architects in Denver, CO. During her career, she has managed and directed the full implementation lifecycle from pre-design to substantial completion work, including marketing, planning, schematic design, construction document development, consultant coordination and construction administration.

Boulder via Qingdao

Xinyi earned her Bachelor’s Degree in Environment Design from the University of Colorado at Boulder and graduated with honors. She subsequently received her Masters in Architecture from the University of Colorado at Denver. As a native Chinese speaker, Xinyi also completed three years as a Bachelor in Architecture student at the Qingdao Technological University in China, where among other activities, she was the Editor-in-Chief of University Magazine. Today, she is enrolled at the University of California, Berkeley and is pursuing her Masters of Business Administration, with an emphasis on Real Estate.

Professional Affiliations

Among her professional affiliations are HAAS Forté Fellow (Women in Business), LEED AP BD+C (Leadership in Energy and Environmental Design Accredited Professional in Building Design + Construction), NAIOP member (National Association for Industrial and Office Parks), ULI member (Urban Land Institute), AIA member (The American Institute of Architects) and NCARB member (National Council of Architectural Registration Boards).

Bryan Thornton

Partner

PCCP

Mr. Thornton joined PCCP in 1999 and oversees the management of PCCP’s equity business, including the implementation of fund and individual client strategies and portfolio management. Prior to joining PCCP, Mr. Thornton was a Real Estate Finance Officer at Nomura, where he was responsible for construction loan origination and balance sheet asset dispositions. His experience also includes work as an Associate with Capital Trust, where he underwrote and closed mezzanine investment opportunities as well as managed distressed loan workout pools including the restructuring of the firm’s equity and mezzanine holdings. Mr. Thornton earned his bachelor’s degree in Economics from the Wharton School at the University of Pennsylvania. He is a member of the Urban Land Institute, the University of Pennsylvania Swim Team Board and Lambda Alpha International. In connection with Urban Land Institute, Mr. Thornton is the current chairman of the national curriculum for ULI’s UrbanPlan program which works with high school seniors on the challenges of communities and developing a built environment.

Summary

1) What asset classes are experts most bullish on, and which ones are they most bearish on in the Bay Area?

2) How has private and institutional capital responded to the Bay Area cycle?

3) What are the hurdles owner and developers need to overcome with regard to construction loans?

4) As banks tighten up on lending, which alternative funding strategies are most effective?

5) What is foreign investment targeting in the Bay Area markets?

6) Due to increase equity requirements, how has the capital stack changed, and are firms seeking JV partners more than before? 

Venue

Hotel Nikko
222 Mason St.
San Francisco, CA 94102

Ballroom: Nikko Ballroom, 3rd Floor


Parking information:
ValetBased on Availability
$15 for the first hour, $5 for each additional 1/2 hr. ($50+ tax Max)

Downtown Center Garage - 325 Mason Street:
$8 per hour ($35 Max)

Ellis-O'Farrell Garage - 123 O'Farrell Street:
$2.50 per hour

Parking Place/Handlery - 260 O'Farrell Street:
$15.00 Early Bird Rate

Ampco Parking/Hilton - 210 Ellis Street:
$13.00 Early Bird Rate

*Prices Subject to Change*

Agenda

Time Activity
3:00 PM
4:00 PM
Breakfast & Networking
4:00 PM
4:45 PM
The Evolving Capital Stack: Bay Area Debt & Equity Markets
4:45 PM
5:30 PM
Bay Area Capital Markets: Acquisitions and Dispositions
5:30 PM
6:00 PM
Coffee & Networking

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